Landlord offering concessions to lease up Century 21’s old FiDi store

Retailer’s bankruptcy leaves 60K-sf hole at 25 Church Street

New York /
Apr.April 01, 2021 05:55 PM
ASG Equities' Raymond Gindi and Century 21 25 Church Street (Photos via ASG, Google Maps)

ASG Equities’ Raymond Gindi and Century 21 25 Church Street (Photos via ASG, Google Maps)

The Gindi family is shopping for a tenant to fill the 60,000-square-foot hole that Century 21 left behind — and it’s offering up a discount.

The family’s ASG Equities is offering free rent while the space at 25 Church Street is being built out, Crain’s reported. The landlord is also putting walls back up to once again separate the property from 22 Cortlandt Street.

After Century 21 filed for bankruptcy and closed its stores last year, the Gindis purchased the retailer’s intellectual property for $9 million. The family said they would reopen select stores, but not the Financial District location, which it has owned for nearly three decades.

“[A new tenant] is going to be a pivotal piece in the revitalization of the Financial District,” George Karnoupakis, ASG’s head of asset management, told the publication.

The landlord’s preference is to lease the entire space to a tenant for a flagship store, though the property can be split up for multiple users. The property spans five floors, the upper two being office space.

Though Lower Manhattan’s retail availability has increased, asking rents have remained at around $365 per square foot, according to data from Cushman and Wakefield. Availability increased to 23.5 percent in the fourth quarter of 2020, up from 18.2 percent a year earlier.

[Crain’s] — Sasha Jones





    Related Articles

    arrow_forward_ios
    241 Water Street (Avison Young, Getty)
    Blue Man Group’s Seaport school building hits market for $28M
    Blue Man Group’s Seaport school building hits market for $28M
    Indoor playground leases 40K sf at Tribeca Associates’ 30 Broad
    Indoor playground leases 40K sf at Tribeca Associates’ 30 Broad
    Indoor playground leases 40K sf at Tribeca Associates’ 30 Broad
    One New York Plaza and Brookfield's Bruce Flatt (Google Maps, Brookfield)
    Brookfield pulls listing of One New York Plaza
    Brookfield pulls listing of One New York Plaza
    Vornado Realty Trust's Steve Roth with 40 Fulton Street
    Timing is everything: Vornado settles for $101M in FiDi sale
    Timing is everything: Vornado settles for $101M in FiDi sale
    Metro Loft’s Nathan Berman, GFP Real Estate’s Jeff Gural and 25 Water Street (Edge Funds, Getty, Metro Loft, GFP Real Estate)
    GFP, Metro Loft close on $536M loan at 25 Water Street
    GFP, Metro Loft close on $536M loan at 25 Water Street
    From left: Housing Works CEO Charles King and Manocherian Brothers' Freydun Manocherian along with 750 Broadway (Getty, Google Maps, Housing Works, Manocherian Brothers)
    Manocherian Brothers first to give New Yorkers a legal high
    Manocherian Brothers first to give New Yorkers a legal high
    Fortress Investment Group's Wesley Edens, Metro Loft Management’s Nathan Berman and 85 Broad Street (Getty; Google Maps)
    Metro Loft, Fortress seek resi conversion for 85 Broad
    Metro Loft, Fortress seek resi conversion for 85 Broad
    From left: Trinity Place Holdings’ Matthew Messinger and Macquarie Group’s Shemara Wikramanayake along with 77 Greenwich Street (Getty, Trinity Place Holdings, Macquarie Group, Google Maps)
    Trinity Place gets extension to finish pandemic-slowed 77 Greenwich
    Trinity Place gets extension to finish pandemic-slowed 77 Greenwich
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...